Tax changes threaten to stall the London market
January 2, 2013
New Year is traditionally the time for reflecting on house price changes and making predictions for the coming year. 2012 has been a healthy year for Greater London with houses prices up 7%, according to the Land Registry, compared to 1.1% across the UK overall. Hometrack says that prices have risen in 70% of London postcodes and now stand on average 10% higher than in 2007. This level of house price inflation in London is modest and sustainable and is certainly helpful for those of us […]
Are you brave enough to source your own tenants? It’s a doddle isn’t it? I’m really happy with the refurbishment I’ve just finished and the last piece of the jigsaw is to find a tenant. I manage my properties myself and I’m starting to question whether to use traditional agents to find tenants. I had a couple of bad experiences earlier this year with tenant finds by a large reputable company. They found me good tenants and the rents were great. But in spite of […]
Introducing Stelios the builder, the star of my current refurbishment, with a selection of sample bricks for a wall we’re rebuilding. He’s a great guy and project manages all the trades and labourers with real skill and panache. I learn from him every day – having a good builder gives me confidence to push the business forward. We have such a laugh too – it’s so important that you have fun on the way isn’t it?
Welfare Reform Minister, Lord Freud, spoke at the National Landlords Association conference in the Midlands on 31 October 2012. He was concise, thoughtful, engaging and positive about the contribution of the private rented sector. He outlined the government’s philosophy behind the welfare reforms and said that the mass exodus of landlords and huge population shifts that some had forecast had not materialised.
I’ve been to six welfare reform presentations in different boroughs across London and the picture is extremely worrying. Major changes in benefits regimes are all being brought in on 1 April 2013. These are on top of changes brought in over the last 12 months. These changes are beginning to impact landlords and tenants in the private sector. But the area worst hit will be London and we are going to see unprecedented housing problems.